I don’t think this is how efficient markets are supposed to work.
That’s obscene.
Notice how all the entertainment item such as toys and tv have gotten more affordable over the years, as necessities such as food housing and hospitol services have gotten significantly pricier.
Yeah something’s wrong here.
It’s called a paywall. The rich only look after their own.
This is a pretty good demonstration of why capitalism doesn’t work in practice. One of the core concepts of capitalism is that people will only pay what they can afford so the market will adjust and most things will be affordable to most people. This generally works for leisure items but not essential items.
But, if it’s a choice between death and debt (or other undesirable ways of raising money) people will obviously go with the latter. And if every company that offers essential items/services raises their prices they all benefit, because people will have no choice but to pay more. And the core tenet of capitalism is that businesses should take the action that makes the most profit.
the rly fun thing about insulin is that like. it’s the #1 example of an inelastic good. u basically cant take any kind of econ class without being taught about how insulin, specifically, completely breaks supply/demand as a concept. but once u get taught that, thats it. no analysis, no consideration, no complex thought. its a fuckin vocab word. “yeah so the mere existence of absolute necessities completely invalidates capitalism as a system but dont worry about that, just remember that the correct term for it is ‘inelasticity’” like how can you teach that shit over and over and never stop to go “oh hm maybe this is bad”
